Orbital (ASX:OEC) received a total of AU$4.3 million in grant income from the Australian government, according to a Friday filing with the Australian bourse.
The company received AU$1.9 million as a refund for the fiscal year 2024 research and development expenditure for the development of new engine models under the government's research and development tax incentive program.
It will use the funds to advance its product roadmap, including larger engine platforms, electrification, as well as longer-term research and development activities, the filing said.
It also received AU$2.4 million from the Western Australian government's Department of Jobs, Tourism, Science and Innovation after it achieved performance milestones during the period ended Dec. 31, 2024.
The firm said the amount would allow it to retire the remaining debt to the state and improve its net asset position by AU$2.4 million, leaving it debt-free.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.